U.S. Sen. Blanche Lincoln (Ark.), chairman of the U.S. Senate Committee on Agriculture, Nutrition and Forestry, announced on Monday that President Obama signed the Mandatory Price Reporting (MPR) Reauthorization legislation, extending reporting requirements of livestock daily markets for five years. The new law extends the program through September 2015.
"The sheep industry appreciates the work done by the agriculture committees of the U.S. House of Representatives and the U.S. Senate in securing passage of the law this year prior to its expiration," stated Glen Fisher (Texas), president of the American Sheep Industry Association (ASI). "It is critical to the lamb industry that price reporting remains mandatory as the system that has been in place since 2002 has removed the volatility of lamb prices that were experienced in the 1990s."
"This represents a major step forward in helping producers better maintain transparency and certainty in livestock markets," Lincoln said. "I'm proud to report this law will ensure that family farmers can remain confident that they are receiving fair market value for the livestock they bring to market."
ASI championed this legislation with the support of several livestock groups. The MPR legislation reauthorizes price reporting programs run by the U.S. Department of Agriculture. The legislation requires livestock sales information to be reported and published in a timely fashion, allowing buyers and sellers to make more informed decisions.